✓ Brand New Construction With Drive-Thru; Estimated Opening Date TBD
✓ Long-Term, 15-Year Absolute Triple Net (NNN) Lease
✓ Lease Commencement Upon Close of Escrow
✓ Eight Percent (8.0%) Rental Increases Every Five (5) Years
✓ Four (4), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 35 Years
Marcus & Millichap is pleased to present the exclusive listing for a brand-new Panera Bread located at 15 North Airmont Road in Suffern, NY. This is a rare investment opportunity to participate in a direct sale leaseback with Panera Bread. The newly constructed site will consist of roughly 4,430 rentable square feet of building space on estimated 1.43-acre parcel of land. The café is scheduled to open in September of 2020.
Panera, LLC, the corporate operating entity, will enter into a brand new 15-year triple-net (NNN) sale leaseback with the purchaser upon close of escrow. The initial annual rent will be $221,287 and will increase by eight percent (8.0%) every five (5) years throughout the term of the lease and in each option period. There will be four (4), five (5)-year tenant renewal options, extending the total possible lease term to 35 years.